AT&T Inc. (NYSE:T) Stock Holdings Cut by Confluence Wealth Services Inc.

Confluence Wealth Services Inc. reduced its position in shares of AT&T Inc. (NYSE:T) by 11.4% in the first quarter, HoldingsChannel.com reports. The firm owned 46,733 shares of the technology company’s stock after selling 5,988 shares during the period. Confluence Wealth Services Inc.’s holdings in AT&T were worth $822,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Carmel Capital Partners LLC boosted its stake in AT&T by 16,250.0% during the 3rd quarter. Carmel Capital Partners LLC now owns 1,635 shares of the technology company’s stock valued at $25,000 after purchasing an additional 1,625 shares in the last quarter. Frank Rimerman Advisors LLC acquired a new stake in shares of AT&T during the 4th quarter valued at $25,000. Pineridge Advisors LLC acquired a new stake in shares of AT&T during the 4th quarter valued at $25,000. Lipe & Dalton acquired a new stake in shares of AT&T during the 3rd quarter valued at $30,000. Finally, Ramirez Asset Management Inc. acquired a new stake in shares of AT&T during the 3rd quarter valued at $30,000. 57.10% of the stock is owned by institutional investors.

AT&T Stock Down 0.7 %

Shares of NYSE:T traded down $0.12 during midday trading on Tuesday, hitting $16.90. 31,792,882 shares of the stock were exchanged, compared to its average volume of 39,373,371. The company has a debt-to-equity ratio of 1.06, a quick ratio of 0.63 and a current ratio of 0.68. AT&T Inc. has a 52-week low of $13.43 and a 52-week high of $18.16. The business’s fifty day simple moving average is $16.97 and its two-hundred day simple moving average is $16.62. The company has a market capitalization of $120.85 billion, a PE ratio of 9.08, a P/E/G ratio of 3.32 and a beta of 0.57.

AT&T (NYSE:T) last announced its quarterly earnings data on Wednesday, April 24th. The technology company reported $0.55 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.53 by $0.02. AT&T had a return on equity of 14.63% and a net margin of 11.13%. The business had revenue of $30.03 billion during the quarter, compared to analyst estimates of $30.62 billion. During the same period last year, the company earned $0.60 earnings per share. AT&T’s quarterly revenue was down .4% compared to the same quarter last year. As a group, research analysts predict that AT&T Inc. will post 2.22 earnings per share for the current fiscal year.

AT&T Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 1st. Investors of record on Wednesday, April 10th will be issued a dividend of $0.2775 per share. The ex-dividend date is Tuesday, April 9th. This represents a $1.11 annualized dividend and a dividend yield of 6.57%. AT&T’s dividend payout ratio is 59.68%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on T. TheStreet upgraded AT&T from a “c” rating to a “b-” rating in a research report on Wednesday, January 24th. Wolfe Research upgraded AT&T from a “peer perform” rating to an “outperform” rating and set a $21.00 price objective for the company in a research report on Tuesday, March 5th. JPMorgan Chase & Co. upgraded AT&T from a “neutral” rating to an “overweight” rating and increased their price objective for the company from $18.00 to $21.00 in a research report on Thursday, February 1st. Oppenheimer upgraded AT&T from a “market perform” rating to an “outperform” rating and set a $21.00 target price for the company in a report on Friday, January 19th. Finally, Deutsche Bank Aktiengesellschaft increased their target price on AT&T from $23.00 to $24.00 and gave the company a “buy” rating in a report on Thursday, January 25th. Four equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $20.81.

About AT&T

AT&T Inc provides telecommunications and technology services worldwide. The company operates through two segments, Communications and Latin America. The Communications segment offers wireless voice and data communications services; and sells handsets, wireless data cards, wireless computing devices, carrying cases/protective covers, and wireless chargers through its own company-owned stores, agents, and third-party retail stores.